Southeast

Keith Corp., Singerman Real Estate Sell Industrial Facility in Metro Charleston for $55M

by Alex Tostado January 14, 2021

SUMMERVILLE, S.C. — The Keith Corp. and Singerman Real Estate have sold a 448,765-square-foot industrial facility in Summerville for $55 million. The manufacturing and distribution facility is located at 479 Trade Center Parkway within Charleston Trade Center, an industrial park situated along Interstate 26 about 27 miles northwest of the Port of Charleston. The rear-load building features 32-foot clear heights, ESFR sprinklers, LED lighting with motion sensors, surface parking and office space. The Keith Corp. is a Charlotte-based real estate developer, and Singerman is a privately based real estate investment firm based in Chicago. Automotive parts supplier IFA Rotorion — North America, a subsidiary of Germany-based IFA Group, fully leases the facility. The asset was originally delivered in 2018 and in July 2020, The Keith Corp. and Singerman Real Estate expanded the facility by 211,000 square feet. Pete Pittroff and Patrick Nally of JLL represented the sellers in the transaction. Solid Rock Group represented the buyer, an undisclosed family office.

January 14, 2021

District of Columbia Southeast

Initial Weekly Unemployment Assistance Claims Jump to 965,000 as Coronavirus Cases Climb

by Alex Tostado January 14, 2021

WASHINGTON, D.C. — An additional 965,000 Americans filed for first-time unemployment assistance for the week ending Jan. 9, the U.S. Department of Labor reported Thursday. Economists surveyed by Dow Jones expected the total to reach 800,000, similar to the previous week’s revised total of 784,000. A main reason for the increase in claims is further government restrictions due to the spike in COVID-19 cases and deaths. According to Johns Hopkins University (JHU), there have been 384,794 deaths in the United States since the onset of the pandemic, with more than 4,400 recorded Tuesday alone. The four-week moving average increased by 18,250 claims to 834,250 for the week. Continuing claims, for which data is a week behind, totaled 5.3 million for the week ending Jan. 2, an increase of 199,000 claims over the previous week.

January 14, 2021

Development Office South Carolina Southeast

Balfour Beatty Breaks Ground on $42M Office Building in Downtown Charleston

by Alex Tostado January 14, 2021

CHARLESTON, S.C. — Balfour Beatty US has broken ground on Morrison Yard, a $42 million office building in downtown Charleston. The Keith Corp. and Origin Development Partners are the co-developers of Morrison Yard. The companies are located in Charlotte and Charleston, respectively. Morrison Yard will stand 12 stories high and will offer 140,000 square feet of office space, 8,000 square feet of ground-floor retail space and a four-story parking deck with approximately 377 parking spaces. The general contractor expects to deliver the asset in summer 2022.

January 14, 2021

Development Hospitality Louisiana Southeast

Holiday Inn Club Vacations Opens New Orleans Resort at Historic Skyscraper in French Quarter

by Alex Tostado January 14, 2021

NEW ORLEANS — Holiday Inn Club Vacations Inc. has opened its New Orleans resort, which marks the first urban property for the company. The hotel is housed in what was the city’s first skyscraper, built in 1893. Holiday Inn Club Vacations acquired the property in 2019 and converted the apartment building into a 105-villa resort. The property offers one- and two-bedroom suites with kitchens and living rooms. The first floor of the 11-story building offers a marketplace and the Maritime Bar & Lounge. The top floor features a fitness center, rooftop deck and a pool. The asset is situated at 203 Carondelet St. in New Orleans’ French Quarter district. The resort houses 45 employees.

January 14, 2021

Acquisitions Florida Healthcare Office Southeast

Mohr Capital Acquires 78,449 SF Medical Office Building in Orlando

by Alex Tostado January 14, 2021

ORLANDO, FLA. — Mohr Capital has acquired a two-story, 78,449-square-foot medical office building in Orlando. The property is situated within Lee Vista Business Park at 6272 Lee Vista Blvd., nine miles southeast of downtown Orlando. The facility houses a distribution warehouse, office space for executives, specialty pharmacy and a team of specialty-trained pharmacists and nurses. Accredo Health Group Inc., a specialty pharmacy operator and subsidiary of global healthcare insurance firm Cigna Corp., fully occupies the asset with more than six years remaining on its lease. The facility was first developed in 2006 for CuraScript Inc., which merged with Accredo in 2012. Rodrigo Godoi internally represented the Dallas-based buyer in the transaction. Ron Rogg of CBRE represented the seller, a tenant in common (TIC) entity, in the transaction. The sales price was not disclosed.

January 14, 2021

Development Georgia Industrial Southeast

Brennan Investment Group to Develop 300,000 SF Industrial Portfolio in Metro Atlanta

by Alex Tostado January 13, 2021

JONESBORO, GA. — Brennan Investment Group has acquired 25 acres in Jonesboro to develop Jonesboro Logistics Center, a three-building, 300,000-square-foot industrial campus in Jonesboro. Buildings One and Two will span 50,500 square feet, while Building Three will total 200,000 square feet. Each building is designed to accommodate two tenants. Buildings One and Two will be able to expand to house four tenants. Construction is scheduled to begin this quarter with completion targeted for the end of this year. Nick Peacher of Stream Realty Partners represented Chicago-based Brennan in the land transaction.

January 13, 2021

Development Georgia Retail Southeast

New York Life Taps Trademark Property to Manage Redevelopment of North Point Mall in Metro Atlanta

by Alex Tostado January 13, 2021

ALPHARETTA, GA. — Trademark Property Co. will oversee the redevelopment of North Point Mall in Alpharetta. According to several media outlets, the previous owner, Brookfield Properties, relinquished ownership back to New York Life Insurance Co. earlier this month. Trademark will also manage and lead the leasing effort for the property. North Point Mall spans 1.3 million square feet and is located near the intersection of Ga. Highway 400 and Encore Parkway, 25 miles north of downtown Atlanta. The enclosed mall features 129 stores and restaurants, including Dillard’s, JC Penney, Von Maur, H&M, Macy’s, Sephora, AMC Theatres and The Cheesecake Factory. A timeline for redevelopment plans was not disclosed. Fort Worth, Texas-based Trademark has also redeveloped centers such as Bridgewater Commons in New Jersey; La Palmera in Corpus Christi, Texas: Victory Park in Dallas; Rice Village in Houston; WestBend in Fort Worth; Zona Rosa in Kansas City, Mo.; Annapolis Town Center in Annapolis, Md.; and Saddle Creek in Germantown, Tenn.

January 13, 2021

Development Multifamily North Carolina Southeast Student Housing

Aspen Heights Breaks Ground on 188-Unit Student Housing Community in Charlotte

by Alex Tostado January 13, 2021

CHARLOTTE, N.C. — Aspen Heights Partners has broken ground on Aspen Heights University City, a 188-unit student housing community located at 300 Heritage Lake Drive near the University of North Carolina at Charlotte campus. The property will offer two-, three-, four- and five-bedroom units, two-thirds of which will feature a cottage-style design. Communal amenities will include a pool, grilling areas, basketball court, sand volleyball court, fitness center, study lounges and an onsite shuttle to campus. Austin, Texas-based Aspen Heights secured $38.1 million in construction financing from Synovus Bank for the development, which is scheduled for completion in summer 2022.

January 13, 2021

Industrial Leasing Activity South Carolina Southeast

The Home Depot Signs 68,040 SF Industrial Lease in Columbia

by Alex Tostado January 13, 2021

COLUMBIA, S.C. — The Home Depot has signed a 68,040-square-foot industrial lease within Midway Logistics VI in Columbia. Magnus Development is developing the 192,780-square-foot facility, which is situated within Lexington County Industrial Park, less than two miles from the Interstate 26/77 interchange and six miles southeast of the Columbia Metropolitan Airport. Midway Logistics VI features 32-foot clear heights, ESFR sprinklers, motion-sensor LED lighting and trailer parking. The Home Depot plans to utilize the space as a last-mile distribution center. A timeline for the Atlanta-based retailer’s move-in was not disclosed. Chuck Salley, Dave Mathews, Thomas Beard and John Peebles of Colliers represented the landlord in the lease negotiations.

January 13, 2021

Acquisitions Retail Southeast Tennessee

Ziff Real Estate Partners Acquires 41,439 SF Retail Property Near Nashville

by Alex Tostado January 13, 2021

HERMITAGE, TENN. — Ziff Real Estate Partners has acquired Jackson’s Courtyard, a 41,439-square-foot retail center in Hermitage, for an undisclosed price. The property is located at 3441 Lebanon Pike, 13 miles east of downtown Nashville. At the time of sale, the property was leased to tenants including Co. Capelli Salon & Spa, Subway, Hermitage Dance Academy and Mirage Nails Salon. The seller was not disclosed.

January 13, 2021

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